HARBOR FEDERAL SAVINGS BANK
SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
FOR XXXXXX X. XXXXXXXX
______________
1999 Amendment
______________
WHEREAS, Harbor Federal Savings Bank (the "Bank") has
entered into a Supplemental Executive Retirement Agreement (the
"Agreement") with Xxxxxx X. Xxxxxxxx (the "Executive"), and the
Bank's Board of Directors and the Executive have agreed to amend
the Agreement in the manner set forth herein.
NOW, THEREFORE, the Agreement shall be amended a follows,
pursuant to Article XI thereof, effective May 24, 1999:
1. Article VI of the Agreement shall be amended by adding
the following paragraph at the end thereof as follows:
Notwithstanding any provision of the Agreement to the
contrary, the Executive may at any time irrevocably
elect, on the form attached hereto as Exhibit "A" (the
"Election Form"), to surrender all or part of his vested
Benefits under the Agreement in consideration of
receiving a deferred share award, of equivalent value,
pursuant to the Harbor Federal Bancorp, Inc. 1999 Stock
Incentive Plan. In addition, the Executive may also
irrevocably elect on the Election Form to cease to
accrue future benefits under this Agreement and instead
to accrue future deferred share awards under the Harbor
Federal Bancorp, Inc. 1999 Stock Incentive Plan.
WHEREFORE, the undersigned hereby execute this 1999
Amendment to the Agreement on May 24, 1999.
HARBOR FEDERAL SAVINGS BANK
Witnessed by:
/s/ Xxxxxxx X. Xxxx By: /s/ X. Xxxx Roche
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A director other than
Xxxxxx X. Xxxxxxxx
EXECUTIVE
Witnessed by:
/s/ Xxxxxxx X. Xxxx /s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
